Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View - The conflict between Iran and Israel has eased, leading to a significant drop in crude oil prices, and the chemical industry has followed suit [2]. - Despite the expectation of load reduction, the downstream load of polyester has remained at 91.3%, and the actual output of polyester has reached a new high. Recent promotions have contributed to inventory reduction [2]. - PTA will experience inventory reduction in the coming period. The action of major factories to increase basis sales has had a significant impact on the market, and the PTA spot is becoming tight. Polyester has recently reduced inventory rapidly, and the polyester inventory has increased significantly. Affected by the rise in crude oil prices, the market's purchasing willingness has strengthened [2]. - The maintenance of a Northeast PX factory and a Zhejiang reforming unit has been postponed [2]. 3. Summary by Relevant Catalogs 3.1 Spot Price Changes - PTA spot price increased from 5020 to 5025, with a change of 5.00 [2]. - MEG inner - market price decreased from 4379 to 4346, a change of - 33.00 [2]. - 1.4D straight - spun polyester staple fiber price decreased from 6855 to 6805, a change of - 50.00 [2]. - T32S pure polyester yarn price decreased from 10670 to 10630, a change of - 40.00 [2]. - Cotton 328 price increased from 14875 to 14935, a change of 60.00 [2]. 3.2 Futures Price Changes - PTA closing price increased from 4770 to 4778, a change of 8.00 [2]. - MEG closing price decreased from 4293 to 4271, a change of - 22.00 [2]. 3.3 Basis and Spread Changes - Staple fiber basis decreased from 86 to 84, a change of - 2.00 [2]. - 7 - 9 spread decreased from 208 to 172, a change of - 36.00 [2]. 3.4 Cash Flow and Processing Fee Changes - Polyester staple fiber cash flow increased from 240 to 246, a change of 6.00 [2]. - Bottle - chip spot processing fee increased from 276 to 291, a change of 14.78 [2]. - T32S pure polyester yarn processing fee increased from 3815 to 3825, a change of 10.00 [2]. - Polyester - cotton yarn profit increased from 1132 to 1143, a change of 10.47 [2]. - Hollow staple fiber 6 - 15D cash flow decreased from 416 to 408, a change of - 8.22 [2]. 3.5 Market Conditions - **Staple Fiber Market**: The price of polyester staple fiber has declined. The spot market is mainly based on price negotiations among production enterprises, and the prices of traders have declined. Downstream buyers purchase as needed, and market transactions are cautious [2]. - **Bottle - Chip Market**: The mainstream negotiation price of polyester bottle - chips in the Jiangsu and Zhejiang markets is between 6020 - 6130 yuan/ton, with the average price remaining flat compared to the previous working day. During the day, polyester raw materials and bottle - chip futures fluctuated narrowly. The supply side's quotations were stable, the downstream terminal's purchasing enthusiasm was average, and the market trading atmosphere was cautious [2]. 3.6 Load and Production and Sales Rates - The straight - spun staple fiber load (weekly) increased from 88.90% to 91.30%, a change of 0.02 [3]. - The polyester staple fiber production and sales rate increased from 37.00% to 43.00%, a change of 6.00% [3]. - The polyester yarn startup rate (weekly) remained unchanged at 67.00% [3]. - The recycled cotton - type load index (weekly) remained unchanged at 50.40% [3].